Internos Gloval Investors, the pan-European real estate fund manager with €3.7bn of asset under manager, acting as transaction and asser manager of the French SCPI Nocapierre Allemagne Fund (managed by PAREF gestion), has advised on the adquisition of a retail warehouse centre in Giessen. The vendor was a fund advised by Tristan Capital Partners.
The fully let asset, situated at Schiffenberger Weg 115, was refurbished in 1999. It has a total lettable area of 5,137m², around three quarters of shich is in retail occupation, with the remainder as restaurant space. The tenants include denn's Biomarkt, Burger King, a gym, screwfix and the federal state of Hesse. The WALT is around 8.8 years.
Agency firm Blackwall GmbH acted in an advisory capacity. Legal advice to the purchaser was provided by GSK Stockmann + Kollegen, while Curtis, Mallet-Prevost, Colt and Mosle LLP acted for the vendor side.
By the end of 2016, the SCPI Novapierre Allemagne Fund aims to achieve a volume of about €200m, to be invested primarly in retail warehouse, retail warehouse centres and small shopping centres. The focus is on properties in the €5m to €40m bracket, preferably with leases having unexpired terms of six to eigh years.
